New Jersey S4549 eliminates the one percent tax on sellers of Class 4A commercial property transferred for consideration over $1 million.
New Jersey S4549 eliminates the one percent tax on sellers of Class 4A commercial property transferred for consideration in excess of $1 million. This tax, known as the controlling interest transfer tax, applies to non-deed transfers of a controlling interest in an entity owning income-producing real property, excluding vacant land, residential, farm, and industrial properties. The repeal of this tax does not affect existing tax obligations, liens, duties, or the state's authority to audit and collect taxes.
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